home prices

Due to the crisis in the mortgage market, the home prices are already low. As a result, a large number of people have become underwater on their properties. There are chances, that with time, the property prices will rise along with the mortgage rates thereby boosting the real estate market.

So what factors should I consider before buying a house?

Well… there are lots of things which you need to consider before buying your home. Here are a few of them listed for you:

1.Contact a Realtor: You should have a word with the realtor so that he understands what type of property you are looking for.
2.Check out the price range and the locality: This is an important thing which you should consider when you buy a property. You can even use the home mortgage affordability calculators available online to check your home affordability.
3.Type of house: Decide what type of home will be best suited for you – Condos, Mobile homes, Single family homes, Double family homes, etc.
4.Taxes and Utility bills: Have a word with the seller in order to know what type of taxes and utility bills he or she has been paying.
5.Get a home inspection done: Make sure that you go for a home inspection. This will help you know whether or not there is any kind of defects in the property that you’re purchasing.